Securities offered through dealers GMP Securities, Canaccord Genuity
By Devika Patel
Knoxville, Tenn., March 3 - Hyperion Exploration Corp. said it plans a private placement of subscription receipts and stock. The deal will raise C$35 million on a bought-deal basis through co-lead underwriters GMP Securities LP and Canaccord Genuity Corp.
The company will sell 22 million receipts at C$1.50 apiece and 1,111,150 flow-through shares at C$1.80 per share.
The price per receipt reflects a 3.85% discount to the March 2 closing share price of C$1.56. The price per share is a 15.39% premium to that price.
Settlement is expected March 18 and proceeds are expected to fund ongoing exploration activities.
The proceeds will be held in escrow, however, until the company completes its planned acquisitions of two quality light oil focused assets. Upon settlement of the acquisitions, expected by March 28, each receipt will convert for free into one common share. If the acquisitions are not completed by that date, proceeds, plus interest, will be returned to the investors.
The oil and gas exploration company is based in Calgary, Alta.
| Issuer: | Hyperion Exploration Corp.
|
| Issue: | Subscription receipts, flow-through shares
|
| Amount: | C$35 million
|
| Warrants: | No
|
| Underwriters: | GMP Securities LP and Canaccord Genuity Corp. (co-leads)
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| Pricing date: | March 3
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| Settlement date: | March 18
|
| Stock symbol: | TSX Venture: HYX
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| Stock price: | C$1.56 at close March 2
|
| Market capitalization: | C$47.22 million
|
|
|
| Receipts
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| Amount: | C$33 million
|
| Receipts: | 22 million
|
| Price: | C$1.50
|
|
|
| Shares
|
| Amount: | C$2 million
|
| Shares: | 1,111,150
|
| Price: | C$1.80
|
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